10 Observations About The Great Depression That May Apply To The Great Recession

Consumer behavior changes based on a complex series of external and internal factors, usually based on pain, reward, or a change in the rules.  The Great Depression of the 1930s significantly changed consumer behavior for a number of generations.  So, what did we learn from the Great Depression we can apply to the generation of The Great Recession?

  1. Long term benefits are not as important as immediate basic needs, but durability is essential.
  2. Hyper-competitiveness has less allure than cooperation.
  3. Ideological extremes become more popular for people seeking solutions.
  4. The very rich keep on spending, but with a lower profile.
  5. Disposable income among minority communities will be much slower to recover.
  6. For younger investors, investments need to be safe and beyond reproach; “get rich quick” will not have the same pull as it did for their parents.
  7. Entertainment options should be local and cost efficient.
  8. Cooking at home is increasing in importance.
  9. The arts provide solace and an escape to an emotionally satisfying place.
  10. Self-improvement becomes appealing among the unemployed or under-employed.

Now the question is: How do they apply to your business, or do they?

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About bobcouch

Bob Couch is the president of OROGEN Marketing in Menlo Park, CA. During his almost 30 year career he has worked with some the the biggest brands in the world, and several Silicon Valley startups. OROGEN Marketing provides a comprehensive set of marketing tools to help their clients grow big, and bigger.
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